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Buy Property for Residency in Cyprus

Buy Property for Residency in Cyprus

Besides the standard procedure for obtaining residency in Cyprus (by relocating here for a short-term period or a long-term period for a designated purpose), foreigners have the possibility of acquiring a residence permit by purchasing a property. This procedure has numerous benefits, one of them being the fact that the applicant can obtain Cyprus residency must faster compared to all other immigration procedures. Those who become permanent residents can also be entitled to the right of obtaining the Cypriot citizenship.

Citizenship in Cyprus is generally obtained through the process of naturalization, which refers to the fact that a foreigner has been living in this country as a permanent resident at the moment of the application.

The law requires applicants to have a total of 2,555 days of stay in Cyprus (or 7 years) and a continuous stay of 1 year when the application for citizenship is initiated.

Lower residency requirements are applicable for those who apply for Cypriot citizenship by marriage or by descent. For those married to a Cypriot citizen, one must prove that he or she has been living here for 2 years.

In the case of those who apply for citizenship by descent, it is also possible to start the application process as a holder of a temporary residency permit.

The right to apply for citizenship with a residency permit in Cyprus is limited to very specific situations, like the one mentioned above, as in most cases, foreigners have to comply with more complex residency requirements.

For citizenship, foreigners have to prove that they have become permanent residents (and the minimum time for permanent residency depends on the type of citizenship one is entitled to).

This process implies that the applicant is a holder of a residence permit in Cyprus issued of a permanent basis (holders of temporary permits can’t apply for citizenship).

Please know that the permanent residence permit will expire after its initial validity and the permit holder must complete specific steps in order to renew the document. According to the Cypriot immigration institution, it is necessary to start this procedure with 1 month prior to the expiration date of the document. It is necessary to book an appointment with a representative who can handle your case.

If you have lost the residence card or you have observed any mistake regarding your data after the issuance of the document, it is necessary to address competent institutions (police, in the first case and the migration authorities, in the second), because otherwise you can have various legal problems.

A residency of 7 years is required in this case, but a shorter residency, of 5 years, can apply to the children of Cypriot nationals, while for the spouses of Cypriot nationals, the residency requirements are of only 2 years.

Our Cyprus immigration lawyers can provide full legal representation on the steps foreigners have to go through in this case; foreigners purchasing a property in Cyprus for residential purposes should know that they do not have to be present in the country during the sale-purchase formalities, as they can be represented by our lawyers.

How can one obtain the Cypriot residency by buying a property in 2024?

An aspect that should be clarified is that the foreign citizen who purchases a property in Cyprus is entitled to receiving permanent residency directly, which, in other cases, can be obtained only after five years of living in this country for an uninterrupted period of time. When the person will apply for permanent residency, his or her family will also be able to enjoy the benefits provided by the Cypriot residency. The basic conditions for this are presented below:

• persons moving to Cyprus and applying for permanent residency by purchasing a property must buy a residential real estate with a minimum value of EUR 300,000;
• the minimum value of the deposit has to be of EUR 200,000, value added tax excluded;
• the applicant is allowed to purchase 2 residential properties (houses or apartments);
• the foreigner can also purchase 1 residential property and 1 shop, the surface area of the properties being of minimum 100 square meters;
• it is also allowed to purchase 1 residential property and 1 office, with a total surface of minimum 250 square meters;
• besides these, the applicant must also meet additional financial requirements, such as having a Cypriot bank account with a minimum value of EUR 30,000.

In order to qualify for the right of obtaining permanent residency in Cyprus by buying a residential property, the foreign applicant should provide sufficient evidence that he or she has a minimum annual income of EUR 30,000, obtained from foreign sources. Provided that the person has a family that will relocate to Cyprus or that is included on the application for permanent residency in this country, the applicant had to increase his or her funds by EUR 5,000 per each family member. However, in 2024, the rules concerning the financial requirements for dependent family members have been increased to EUR 10,000 per person.

What is the duration of the permanent residency process in Cyprus?

When relocating to Cyprus by means of acquiring a property, the foreigner will be able to receive the Cyprus permanent residence permit in a period of approximately two months since the application was made. After deciding that the procedure for Cyprus immigration will be done through this option, the person can start selecting a suitable property and then purchase it. We recommend foreigners to request legal representation during the formalities of buying a local property, and our Cyprus immigration lawyers can be of help in this case.

The purchase of the property, the procedure of opening a bank account and other financial requirements can be completed in a period of approximately two weeks, this being the first step the foreigner should make when relocating to Cyprus. After this, the person should prepare the necessary documents and the application form and file them with the Civil Registry and Migration Department, which will evaluate the case. This will generally last approximately one week.

After all the papers are submitted with the institution, the applicant should expect for an answer in a period of two months (if the application contains all the documents as required by the Cypriot law, the answer will most likely be a positive one), at the end of which the permanent residency card will be issued.

Those interested in this procedure of obtaining the Cypriot residency should know that they do not have to relocate to this country after the document is issued. However, it is required to arrive in Cyprus in a period of up to one year since the permanent residency card was issued.

Furthermore, even in the case in which the person who acquired a property here will not live in Cyprus at all, he or she must come to this country at least every two years for short visits. This type of document can allow the foreigner to obtain the Cypriot citizenship by investment, but for this to happen, the person has to live in this country for a given period of time after the Cyprus permanent residence card was issued. Please address our team of Cyprus immigration lawyers for additional information.

Please know that the rules on obtaining a permanent residency permit in Cyprus in 2024 have not been modified. However, foreigners have to comply with new rules with regards to the issuance of a temporary residence permit in 2024.

Thus, one must know that starting with 1 January 2023, foreign applicants must make the proof of having an income of EUR 2,000 per month (this is imposed to all persons who apply for the first time for a temporary residence permit in Cyprus and this rule has been maintained in 2024 as well).

Provided that the applicant has a spouse, the income must increase by 20% and if there are also children, the threshold increases by 15% per each child relocated in Cyprus in 2024. It is also required to set up a bank account in Cyprus as a temporary resident in 2024.